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Sandwich Panel Market Size, Share, and Analysis, By Type (Polystyrene Panels, Polyurethane Panels, Mineral Wool Panels, Glass Wool Panels, and Others), By Skin Material (Steel, Aluminum, Continuous Fiber Reinforced Thermoplastics (CFRT), Fiberglass Reinforced Panel (FRP), and Others), By Application (Walls and Floors, Roofs, Cold Storage, and Others), By End User (Residential, Non-residential), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2023-2032
Sandwich Panel Market is expected to grow at a CAGR of 8.7% in the forecast period (2023-2032), with the market size valued at USD 14.22 billion in 2021 and projected to reach USD 35.6 billion by 2032.
Sandwich Panel Market refers to the industry that creates and sells composite construction materials that consist of a core material, often insulating foam, sandwiched between two outer layers, which are frequently constructed of metal or composite materials. due to their high insulating capabilities, lightweight nature, and ease of installation, these panels are commonly employed in construction. The market has grown gradually as demand for energy-efficient and sustainable building solutions has increased, particularly in the commercial and industrial sectors. The rise of the sandwich panel market is being driven by increased construction activity and a focus on sustainable materials for construction.
Sandwich Panel Market is expected to reach USD 35.6 billion, growing at a CAGR of 8.7%, owing mostly to the increasing need for energy-efficient building materials in a flourishing global construction industry, as well as the expanding use of prefabrication and modular construction techniques, the growing emphasis on sustainable building practices, ongoing technological advancements enhancing panel performance, their adaptability across multiple industries, and their capacity to meet strict insulation rules and regulations.
Source: Fatpos Global
Based on the Type, the Sandwich Panel market is divided into Polystyrene Panels, Polyurethane Panels, Mineral Wool Panels, Glass Wool Panels, and Others. The polyurethane segment appeared as the market's leading force and is expected to retain its dominance during the projection period. This importance is due to the attractive characteristics of polyurethane panels, such as their lightweight nature, robust resistance to corrosion, excellent density, and affordability. End customers like polyurethane panels not just for their durability but also for their low cost.
By Skin Material, the Sandwich Panel Market is typically segmented into Steel, Aluminum, Continuous Fiber Reinforced Thermoplastics (CFRT), Fiberglass Reinforced Panel (FRP), and Others. Steel panels are popular in construction due to their great fire resistance and inexpensive cost, making them a popular choice in non-residential projects where fire safety is a major issue. At the same time, the aluminum segment is growing rapidly due to its beneficial properties, such as lightweight construction and flexibility in meeting a wide range of project needs.
Source: Fatpos Global
Increased Demand for Energy Efficiency to Support Market Growth
As issues related to energy usage and sustainable development expand, there is a rising need for building materials that can improve the efficiency of buildings. Sandwich panels, with their outstanding thermal insulation capabilities, are especially appropriate to meet this demand. These panels operate as a barrier, allowing a stable internal temperature to be maintained, avoiding the requirement for overheating or cooling. As a consequence, buildings designed use sandwich panels consume less energy, resulting in considerable savings in money over time and a lower carbon impact. Additionally, several regions have implemented building rules and laws requiring greater amounts of insulation in new buildings. Sandwich panels are an excellent alternative for meeting these specifications.
Prefabrication and Modular Construction Expansion Will Accelerate Market Expansion
Prefabrication and modular construction methods are growing in popularity in the building sector due to their capacity to simplify construction processes and deliver assignments quicker and more effectively. Sandwich panels are important in these technologies as they may be produced off-site under controlled circumstances and then brought to the building site for assembly. This method shortens building deadlines, decreases on-site labor needs, and frequently leads to cost savings. Sandwich panels are very adaptable and may be modified to fit individual project needs. They are utilized in a variety of prefabricated and modular construction applications, including panels for walls, roof panels, and even full building modules. Their modest weight also facilitates transportation and handling, adding to the efficiency of various construction processes.
Sandwich Panel's Inadequate Fire Performance Will Limit Market Growth
Few sandwich panels have weak fire resistance when compared to other construction materials, which is expected to hinder industry growth. The lightweight panels that are designed are always inadequate in terms of fire performance. They provide great thermal insulation but poor fireproofing capability. Fireproofing sandwich panels, on the other hand, add weight and expense, diminishing their use in lightweight applications. As a result, inadequate fire resistance will limit product demand throughout the projection period.
Sandwich Panel Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In the near future, Asia-Pacific is expected to retain its lead in the worldwide sandwich panel market. This is due to the region's increasing building activity in commercial and industrial sectors. Additionally, the increasing number of massive residential and commercial infrastructure initiatives, along with enhanced government incentives for rural building, are expected to solidify Asia Pacific's crucial role in the worldwide sandwich panels market.
Source: Fatpos Global
Government-imposed lockdowns during the pandemic caused supply chain problems, affecting the sandwich panel business. These limits, imposed by many countries, posed tremendous problems for the logistics industry, owing principally to staff and shortages of materials, as well as other inevitable obstacles. Construction works were temporarily halted during the COVID-19 pandemic due to lockdown precautions, labor shortages, budgetary restrictions, and supply chain uncertainty. These factors, taken together, cast a shadow on the market's performance during the epidemic. Most building projects were run with drastically reduced worker forces or were entirely stopped. Raw material shortages caused significant price swings in the building industry.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 8.7% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Type |
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By Skin Material |
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By Application |
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By End Users |
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By Region |
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Sandwich Panel Market size was values at USD 14.22 billion in 2021 and is projected to reach the value of USD 35.6 billion in 2032, exhibiting a CAGR of 8.7% during the forecast period.
Sandwich panels are composite building materials with insulating cores sandwiched between exterior layers that are utilized in construction for their insulation, lightweight, and quick installation features.
The Polyurethane segment and the Steel segment accounted for the largest Sandwich Panel Market share.
Key players in the Sandwich Panel Market include Kingspan Group, Metecno Group, Tata Steel, ArcelorMittal, NCI Building Systems, Nucor Corporation, Ruukki Construction, Sintex Plastics Technology Ltd., Isopan S.p.A., Hanwha Corporation, Huntsman Corporation, Evonik Industries AG, Jindal Mectec, EPACK Polymers Pvt. Ltd., Multicolor Steels (India) Pvt. Ltd., and Other Prominent Players.
Increased demand for energy efficiency and prefabrication & modular construction expansion are the factors driving the Sandwich Panel Market.
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